Check Engine Light Market Is Driven By Growing Adoption Of Passenger Cars And Advances In Automotive Industry
According to a new market research report published by Credence Research “Global Check Engine Light Market (Type (Intermittent Check Engine Light, Continuous Check Engine Light) Application (Passenger Cars, Commercial Vehicles)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the global check engine light market is set to grow with a CAGR of 5.5% during the forecast period.
Globally, the demand for vehicles is growing at a rapid pace, mainly due to changing consumer dynamics towards lifestyle. Based on the regulation of the automotive industry in various developed regions, it is mandatory to install a check engine light in every vehicle being developed. This is primarily driving the adoption and installation of check engine lights in various personal and commercial vehicles. Furthermore, these lights being considered a diagnostic tool increasingly help in maintaining the performance of the vehicle, thus plays an important role in manufacturing of the vehicle.
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Based on type, the check engine light market is segmented into intermittent and continuous check engine light. The intermittent check engine light is expected to dominate the market with more than 60% of the total revenue generated, however continuous check engine lights are now being highly used and are gaining pace in the market. Furthermore, based on application passenger cars dominated the market based on increasing sales of personal vehicles, and stringent regulations for manufacturing purposes.
Some of the prominent players operating in the check engine light market include OSRAM, Yeolight Technology, Hella, Konica Minolta Pioneer, ZKW, Stanley, Astron FIAMM, Magneti Marelli, and Koito.